July 13, 2024
Industrial Dryer Market

Industrial Dryer Market is Estimated To Witness High Growth Owing To Increase in Pharmaceutical Production

The Industrial Dryer Market is estimated to be valued at US$ 1.37 Bn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Industrial dryers are machines or devices that are used to reduce the moisture content of materials using hot air, steam or direct heat. Some of the main products dried using industrial dryers include food, pharmaceuticals, chemicals, wood and paper among others. Industrial dryers allow bulk and continuous drying of materials with high consistency and accuracy. They offer advantages such as reduced process time, improved quality, lower maintenance costs and increased productivity compared to sun drying.

Market key trends:
One of the key trends driving the Industrial Dryer Market Growth is the increasing production of pharmaceutical products globally. Pharmaceutical industry employs various drying processes to manufacture wide range of medicines which require drying of materials during production. Growth in pharmaceutical sector is prompting manufacturers to install industrial dryers to ensure large scale and continuous drying operations. For example, according to International Trade Administration, the global pharmaceutical market size is expected to reach $1.5 trillion by 2023 from $1.27 trillion in 2020, growing at a CAGR of 4.4%. This growing demand for pharmaceutical products will translate into high adoption of industrial dryers in the upcoming years.

Porter’s Analysis

Threat of new entrants: Low capital requirements and established buyers limit threat of new entrants. However, presence of large players make market entry difficult.

Bargaining power of buyers: Large buyers can negotiate lower prices due to bulk purchase volumes. Increased demand provides buyers with more options to choose from.

Bargaining power of suppliers: Major suppliers have established supply networks and supply quality components. However, presence of local component manufacturers limits their influence.

Threat of new substitutes: Limited threat as industrial dryers have distinct advantages over traditional drying methods.

Competitive rivalry: Intense competition among existing players to gain market share.

SWOT Analysis

Strengths: Established supply chains and brand loyalty. Technologically advanced products cater specific industry needs.

Weaknesses: Heavy reliance on economic cycles increases volatility. Huge capital requirements limits innovation.

Opportunities: Rising industrialization in developing nations drives demand. Growth in process industries fosters replacement demand.

Threats: Stringent regulations over emissions increases compliance costs. Trade wars and geopolitical issues impact exports.

Key Takeaways

The global Industrial Dryer Market is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing production of raw materials and wide usage across industries. The market size for 2023 is US$ 1.37 Bn.

Regionally, Asia Pacific dominated the market in 2023 and is expected to maintain its lead over the forecast period. Rapid industrialization and presence of emerging economies such as China and India drive the demand.

Key players operating in the Industrial Dryer market are Carrier Vibrating Equipment Inc., ThyssenKrupp AG, Buhler Holding AG, FEECO International Inc., CAD Works Engineering Ltd., Glatt GmbH, Metso Corporation, ANIVI Ingeniería SA, FLSmidth& Co. A/S, Andritz AG, GEA Group, Aktiengesellschaft, Comessa. Key players focus on product launches and partnerships to expand portfolio and geographical presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it